by Dr Thomas J Healy, CMB

FNMA Primary/Secondary Rate Spread

Saturday, December 31, 2022

Most prepay models are driven by MBS (secondary) rates.  Since mortgagors are driven by their actual coupon (primary) rate, it is important to know the spread between the two.  While spreads differ by coupon, age, term ,etc, the data shown here are averages across over 10MM FNMA loans.  As can be seen, spreads on the CF30s have been increasing over the last several years.

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